Property, Plant and Equipment

9 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, plant and equipment consists of the following ($000):


	March 31, 2023		June 30, 2022
Land and improvements	$	74,908	$	19,368
Buildings and improvements	686,293		415,530
Machinery and equipment	2,030,892		1,651,762
Construction in progress	311,051		271,605
Finance lease right-of-use asset	24,999		25,000
	3,128,143		2,383,265
Less accumulated depreciation	(1,217,582)		(1,020,070)
	$	1,910,561	$	1,363,195

During the nine months ended March 31, 2023, as part of the Merger, a fair value step-up in the amount of $145 million was recorded to property, plant and equipment as part of the preliminary purchase price allocation. The step-up will be amortized over the useful lives of the related assets. Refer to Note 3. Coherent Acquisition for further information.